The reason why homes are selling within twenty-four hours of time spent on the market is just some of the evidence of the low housing inventory in the Denver area. The shortage of housing has been a problem for this popular region where so many people hope to buy a home. Recent developments in new construction, however, may help combat this problem. Several new communities are in the works and these new constructions are apt to supply some of the homes that are in such hot demand.
Home Inventory Pain in Denver
According to Colorado's Inside Real Estate News, "The Denver-area had less than a half month's worth of supply of unsold homes on the market...the lowest of 52 metropolitan areas tracked nationwide by RE/MAX." (1) While inventory is generally tight in many areas of the nation, it appears that no metro area is experiencing the crunch that's occurring in Denver. Experts suggest that many people are not hesitant to sell their homes--even though Denver houses have been rising in value--because they worry that they won't find a new home before their old home sells.
New Construction to the Rescue
New construction may help ease the crunch occurring in and around Denver. Some companies are working to create entire communities and are committed “to making distinctive, family-friendly new homes and neighborhoods that Denver can be proud of." (2) New communities like European-inspired Heritage Hills or the large and expansive properties of Pradera offer Denver house hunters some exceptional options in new constructions. Often these planned communities are designed with plenty of sought-after amenities. For property hunters that have been unlucky in their search for a home, new construction homes may be the ideal solution when it comes to Denver housing.
People love living in Denver for so many reasons that include the great scenery and natural attractions of the area. Because Denver is so popular, many people find it difficult to find a home as there are so few on the market. If you want to buy a home in Denver, you may find that new construction is your best option.
1. Inside Real Estate News, "Re/Max: Denver Lowest Supply of Homes in U.S." http://insiderealestatenews.com/2014/06/19/remax-denver-lowest-supply-of-homes-in-u-s/
2. Celebrity Communities, http://www.celebritycommunities.com/index.html